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LPC Law Notes Public Companies and Equity Finance Notes

Ipo Timetable Chart Notes

Updated Ipo Timetable Chart Notes

Public Companies and Equity Finance Notes

Public Companies and Equity Finance

Approximately 165 pages

A collection of the best LPC Equity Finance notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through twenty-nine LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".

In short these are what we believe to be the strongest set of Equity Finance notes available in the UK this year. This collection of notes is fully upd...

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The following is a more accessible plain text extract of the PDF sample above, taken from our Public Companies and Equity Finance Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

IPO Timetable

Time Details
24-52 weeks before impact day

Pre-IPO preparation

  • Company chooses advisers

    • LR 8.1.1 if premium listed then appoint sponsor

  • Company considers its suitability for an IPO and the most appropriate method of listing its shares

  • Company effects any necessary restructuring

  • Company takes decision to proceed with IPO
12-24 weeks before impact day

The IPO process begins

  • Company appoints advisers and meets sponsor (if premium listed)

  • Sponsor drafts and advisers agree a timetable

  • Sponsor informs FSA about intended IPO

  • First marketing meetings with sponsor and broker

  • Initial planning meetings with advisers take place

  • Legal and financial due diligence begins

    • Business due diligence into the commercial aspects of the company

    • Financial due diligence carried out by the reporting accountants

    • Legal due diligence

      • Corporate – structure & constitution of the company

      • Business & trading – including requests for all material agreements

      • Assets

      • Property

      • Environmental matters

      • Insurance

      • Basic financial information

      • IP and information technology

      • Employees

      • Pensions

      • Disputes

      • Any market-specific regulatory issues
6-12 weeks before impact day

The process gathers momentum

  • Key managers of the company work full-time on IPO

  • Accountants produce long-form and draft short-form report

  • Lawyers produce draft prospectus and begin the verification process

  • Initial drafting meeting with advisers

  • Sponsor submits draft documentation relating to the approval of the prospectus to the FSA

  • Pay FSA fee for approval of the prospectus

  • Sponsor & company have first meeting with the Stock Exchange

  • Initial pricing meetings with sponsor, broker and any underwriters and sub-underwriters

  • Valuation of any key assets

  • Meetings with Financial PR consultants
2-6 weeks before impact day

The process becomes intense

  • Detailed drafting meetings, incorporating FSA’s comments

  • Lawyers complete verification

  • Publish any pathfinder prospectus

  • Accountants and sponsors review cash-flow statements and any profit forecasts

  • Convene completion GM of company

  • Further PR meetings

  • Ensure any ancillary documentation is prepared

  • First meeting with registrars

  • Deadline for submitting draft prospectus to the FSA is 20 days before impact day

    • 87C FSMA – FSA must notify company whether it has decided to approve prospectus before the end of the period of 20 working days beginning on the date which the application is received

    • Once approved it must be filed with FSA under PR 3.2.1R

  • ADS 2.1 Submit draft prospectus to LSE 10 working days before impact day

  • LR 3.3.2R Submission to FSA application for Admission of Securities to official list

  • ADS 2.4 Submission to LSE of Form 1 in final form
Week before impact day

Preparation peaks

  • Completion GM held

    • If the IPO involves an offer of shares by way of subscription then may need to grant authority to allot under s.551 CA 2006 & disapply pre-emption rights under 561

    • Reorganising share capital

    • Adopting new articles of association

    • Re-registration as a public company

  • Directors’ marketing roadshows
The day before impact day

All documentation must be signed off

  • Verification meeting – actually part of the due diligence process

    • Process which produces a written record so that the company can support what it has said in the prospectus

    • Purpose is to protect those who have responsibility for the prospectus from legal liability arising out of its publication

  • Completion board meeting

    • Approve the terms of the prospectus

    • Approve the terms of any ancillary documentation

    • Proceed with IPO and in particular the application for admission to listing & trading

  • ...

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